Donald Trump’s NFT Collection Sells Out in 24 Hours, Prices and Sales Volume Soar and Then Crash

1: former president donald trump launched a collection of 44,000 digital collectibles in the form of nft trading cards. the $99 cards, minted on polygon, an ethereum sidechain, depicted trump in a variety of super hero, cowboy, and astronaut roles. despite widespread criticism of trump’s project as a cash grab, even from some of his own supporters, the 44,000 nfts sold out within 24 hours.

2: prices and sales volume for the collection surged after its launch on december 17th, 2020, peaking on may 5th, 2021 with over $3.5 million in daily trading volume. sales and prices then crashed, dropping to just over $21,000 worth of nft trades on january 8, 2021, representing a 99% drop from the peak day.

3: however, sales have suddenly skyrocketing again, with total daily sales volume for the collection rising nearly 800% from tuesday to wednesday. the average sale price has also increased, from an average of $296 on tuesday to $435 yesterday and now $670 today. the starting price of nfts has nearly doubled since the start of wednesday, rising from $235 worth of eth to $454 as of this writing. this kind of fomo-driven hype is common within the nft space, as social media sentiment can have a big influence on trading demand for nft projects.

By Evey Lovelace

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